Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97

Time and manner in which persons referred to in rule 159 shall furnish a statement containing particulars of Form No. 97.

160. (1) Every person referred to in sub-rule (2), who has received any declaration in Form No. 97 in relation to a transaction specified in column 2 of the Table in rule 159, shall—

(a) furnish a statement in a Form No. 98 containing particulars of declaration to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose and obtain an acknowledgement number; and

(b) retain Form No. 97 for a period of six years from the end of the financial year in which the transaction was undertaken.

(2) The persons referred to in sub-rule (1) shall be—

(a) Sl. No. 11 or 12 or 13 or 14; and

(b) Sl. No. 15 or 16 and who is required to get his accounts audited under section 58, of the column 4 of the Table in rule 159.

(3) The statement referred to in sub-rule (1)(i) shall,—

(a) where the declarations are received by the 30th September, be furnished by the 31st October of that year; and

(b) where the declarations are received by the 31st March, be furnished by the 30th April of the financial year immediately following the financial year in which the form is received.

(4) The statement referred to in sub-rule (1)(i) shall be verified—

(a) in a case where the person furnishing the statement is an assessee as defined in section 2(11), by a person specified in section 265;

(b) in any other case, by the person referred to in column (4) of the Table in rule 159.